Have held PSH for quite a while now and use this setbacks as opportunities to add.

On UMG website they say

https://assets.ctfassets..._2024_press_release.pdf

Q2 2024

Revenue of €2,932 million increased 8.7% year-over-year, or 9.6% in constant currency, driven by growth across all segments.

Recorded Music subscription revenue grew 6.5% year-over-year, or 6.9% in constant currency and streaming revenue decreased 4.2% year-over-year, or 3.9% in constant currency, while physical revenue grew 9.5% year-over-year, or 14.4% in constant currency and license and other revenue grew 18.0% yearover-year on both a reported and constant currency basis

H1 2024

Revenue of €5,526 million increased 7.3% year-over-year, or 8.8% in constant currency, driven by growth across all segments

Recorded Music subscription revenue grew 8.5% year-over-year, or 9.6% in constant currency and streaming revenue grew 1.8% year-over-year, or 2.5% in constant currency, while physical revenue declined 4.2% year-over-year, but grew 0.3% in constant currency and license and other revenue grew 9.3% yearover-year, or 10.2% in constant currency




Streaming revenue declined year over year in Q2 2024 but increased slightly in H1 2024 year of year .

Make of it as you wish but i think these short term numbers miss out on the bigger picture hence why i added in this current setback.

Hi William, just to clarify your statement, PSH has listed holdings (mostly large cap North American), its not Private Equity.

YTD +4.9% vs VWRP +10.1%

reduced more LQQS, added RCP, AGT, HRI, PNL

1.5% Cash
-8.2% Mortgage 1% nov/26
3.3% NS IL certs
5.7% Gilts / Index linked
1.9% Brevan H Macro BHMG
7.3% Caledonia CLDN
14.1% Capital Gearing CGT
2.2% Hansa HANA
1.8% Personal Assets PNL
9.3% RIT Capital RCP
9.8% Ruffer RICA
0.0% Property IHR / TRY
7.3% EGL, 3IN, PINT
56.0%

2.2% BERI
1.6% GCL
2.2% Blackrock latin BRLA
2.5% Fidelity Asia FAS
0.9% Fidelity China FCSS
2.4% JMG / EEM
3.1% AVI Global AGT
2.7% Foreign and Colonial FCIT
3.4% Pershing Sq PSH
2.5% Herald HRI
2.3% SMT
3.9% Harborvest HVPE
0.9% HGT
3.2% CTPE
2.9% Oakley OCI
1.8% ASX
3.7% North Atlantic Sm NAS
-4.8% LQQS Short 3x NASDAQ
0.2%
37.5%

Just sold a few TW at 159.6p at year high, need the cash for another project.

Topped up a little #PSH